Macsteel stuns mart, buys wire rod from Egypt

Jun 06, 2014 | 05:01 PM | Nat Rudarakanchana

Tags  steel steel trae, wire rod, wire rod imports, MacSteel International USA Corp., Tom Keller, Egypt, Turkey, China Nat Rudarakanchana

NEW YORK — Macsteel International USA Corp. has purchased a shipment of wire rod from Egypt totaling 8,000 to 10,000 tons.

"There is one shipment coming. It’s small volume," Tom Keller, managing director for the White Plains, N.Y.-based company, told AMM.

He declined to comment further on the shipment.

Other traders in steel long products expressed surprise at the Egyptian origin of the shipment.

"It’s pretty astonishing to me," one Houston-based trader said. "Something moving from that side, that’s a little unexpected. ...It seems someone made a first move. So we’ll see how that develops and what the material really is."....

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